Market Research Report
Rail Asset Management Market by Offering (Solutions (Condition Monitoring, Predictive Maintenance, Security, Asset Planning & Scheduling) & Services), Application (Rolling Stock & Infrastructure), Deployment Mode, & Region-Global Forecast to 2025
|Published by||MarketsandMarkets||Product code||969600|
|Published||Content info||250 Pages
Delivery time: 1-2 business days
|Rail Asset Management Market by Offering (Solutions (Condition Monitoring, Predictive Maintenance, Security, Asset Planning & Scheduling) & Services), Application (Rolling Stock & Infrastructure), Deployment Mode, & Region-Global Forecast to 2025|
|Published: November 5, 2020||Content info: 250 Pages||
The global rail asset management market size is expected to grow from USD 9.4 billion in 2020 to USD 12.6 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 5.9% during the forecast period. Asset management is gaining popularity at a fast pace in the railway industry. Rail asset management encompasses all systems, methods, procedures, and tools to improve costs, performance, and manage risks of the complete rail infrastructure lifecycle. Rail asset management is not limited to the maintenance of rail assets, such as locomotives, coaches, and infrastructure. Rail asset management solutions and services help railway companies cover an asset's entire lifecycle, from its design, construction, and operation to its renewal and disposal, as well as the management of operational costs of each activity. The increasing demand for rail services is straining the existing systems and requiring optimization of the existing passenger and freight schedules to achieve increased throughput on the current rail infrastructure.
By deployment mode, the on-premises segment is expected to record at the largest market size during the forecast period. The on-premises deployment mode refers to the installation of software and solutions in the premises of the organization. In this deployment mode, the organization is responsible for maintaining the solution and all its related processes. These solutions are delivered on a one-time license fee and an annual service agreement, which includes a free modification or upgrade and installation of new functionalities. The on-premises deployment of rail asset management solutions requires dedicated infrastructure and servers. It also requires dedicated IT staff for the maintenance and support of the high-end IT infrastructure. Organizations that can afford to manage dedicated servers usually deploy on-premises solutions. The on-premises deployment mode also offers offline data analytics and configuration and provides better control over systems and data.
The rolling stock segment is expected to hold the largest market size. The railway is an asset-intensive industry, and rolling stock is one of the most important asset categories in the railway industry. Efficiently managing rolling stock can save a significant amount of resources for the rail operator. Rolling stocks usually have a long service life, hence keeping a vehicle in operation for such a long period of time can create various servicing challenges, such as securing parts, unplanned maintenance etc. Asset management solutions for rolling stocks can provide better control over asset performance, more efficient use of resources, and more effective risk management. Many rail operators are investing in rolling stock.
The Asia Pacific (APAC) market is projected to grow at the highest CAGR during the forecast period. The APAC region is witnessing high growth due to the increasing adoption of new technologies, the rising investments for digital transformation, and the growing GDP in APAC countries. A majority of potential economies in the region include Australia, Singapore, China, Korea, Hong Kong, and India, which are said to be rapidly investing in the rail technological transformation.
The breakup of the profiles of the primary participants is given below:
Note: Tier 1 companies have revenues over USD 1 billion; tier 2 companies have revenues ranging from USD 500 million to USD 1 billion, and tier 3 companies have revenues ranging from USD 100 million to USD 500 million.
*Others includes sales managers, marketing managers, and product managers.
**Rest of World (RoW) includes MEA and Latin America.
Source: Industry Experts.
The following key rail asset management vendors are profiled in the report:
The rail asset management market is segmented into offering (solutions and services), deployment mode (cloud and on-premises), application (rolling stock and infrastructure), and region. A detailed analysis of the key industry players has been undertaken to provide insights into their business overviews; services; key strategies; new service and product launches; partnerships, agreements, and collaborations; business expansions; and competitive landscape associated with the rail asset management market.
The report would help the market leaders and new entrants in the following ways:
(Business Overview, Solutions & Services, Key Insights, Recent Developments, MnM View)**
*Details on Business Overview, Solutions & Services, Key Insights, Recent Developments, MnM View might not be captured in case of unlisted companies.